Cape Quarter retrofits solar panels to reduce occupancy cost

Posted On Tuesday, 28 October 2014 08:07 Published by
Rate this item
(0 votes)

The Cape Quarter, the flagship property within the Tower Property Funds portfolio, is set to soon receive an extensive solar retrofit as part of the funds greening and occupancy cost reduction strategy.

Solar

Solar panels will be installed on the roof of the Cape Quarter and will supply approximately R350 000 worth of electricity per year offering a 10% yield growing at a minimum of 8% although it is expected that this will increase given Eskom's predicted high tariff increases.

Tower Property Fund, which listed in July 2013 on the Johannesburg Stock Exchange under the new REIT structure, has set a clear strategy of occupancy cost reduction across the board for all the buildings within the fund's portfolio, with a strong focus on "greening" underpinning the fund.

The Cape Quarter has also undergone lighting and other retrofits which will save the centre an impressiveR1 million per annum in energy costs for the property.

"Recent global research has shown that green buildings outperform normal buildings significantly - on average achieving rental premiums of 6%, capital value improvement of 12%, while reducing operating costs by 30%," explains Marc Edwards, CEO of the Tower Property Fund. "As the funds flagship building we will be rolling out this solar retrofit at Cape Quarter first, but this will soon be followed by similar initiatives at all suitable buildings within the portfolio."

Most Popular

Balwin's Munyaka registers record R850 million in opening weekend sales, selling 555 apartments

Mar 09, 2020
Steve_Brookes_Balwin_Properties
JSE listed Balwin Properties, a developer that cares about environmentally responsible…

Balwin Properties and ABSA launch South Africa’s first green home loan

Mar 13, 2020
Apartment 71933
JSE-listed Balwin Properties Limited (Balwin Properties or the Company) and Absa Group…

Growthpoint reports a steady first half with its growth strategies paying dividends

Mar 11, 2020
Growthpoint Properties Group CEO Norbert Sassee
Growthpoint Properties (JSE: GRT) reported distributable income growth of 2.2% to R3.2bn,…

Spear REIT launches innovative self-isolation campaign for returning travellers in Cape Town, South Africa to combat COVID-19:

Mar 18, 2020
Double Tree Op
JSE listed Spear REIT Limited, the owner of the Double Tree by Hilton Cape Town, is the…

Financial Fitness – Is this the right time to buy property?

Mar 20, 2020
Governor Lesetja Kganyago SARB1
With the South African Reserve Bank’s announcement of interest rates cut of 100 basis…

Please publish modules in offcanvas position.